VRNSNasdaqServices-Prepackaged SoftwareFiscal year ends December 31
VARONIS SYSTEMS INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$48.70−0.02 (-0.04%)
Close on Oct 19, 2026
- Market cap
- $5.59B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
78.8%−6.0 pts over 5 years
Operating margin
-23.5%+3.3 pts over 5 years
Net margin
-20.7%+11.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.2% | +9.6% | +16.3% | +17.2% | |
| Gross profit | +7.5% | +6.8% | +14.6% | +15.6% | |
| Free cash flow | +24.2% | +557.2% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -15.8% | -100.2% | -24.5% | |
| Return on assets | -8.2% | -21.5% | -7.5% | |
| Current ratio | 1.94 | 2.30 | 1.97 | |
| Interest coverage | – | -38.9× | – | |
| Capex to revenue | 2.3% | 3.5% | 2.0% | |
| Diluted shares | 79M | 94M | 114M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Varonis Systems generated $341.10M from operations and spent $261.27M on capital expenditure, dividends and share buybacks. 18% of that went back into the business.
Generated
$341.10M
Used
$261.27M
Capital expenditure$46.31M18%Dividends$00%Share buybacks$214.97M82%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-20.7%
×Asset turnover0.36×
×Equity multiplier3.28×
=Return on equity, FY2025-24.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -20.7% | 0.36× | 3.28× | -24.5% |
| FY2024 | -17.4% | 0.40× | 2.93× | -20.3% |
| FY2023 | -20.2% | 0.46× | 2.17× | -20.4% |
| FY2022 | -26.3% | 0.44× | 1.96× | -22.7% |
| FY2021 | -30.0% | 0.47× | 2.41× | -33.8% |
| FY2020 | -32.1% | 0.67× | 4.66× | -100.2% |
| FY2019 | -31.0% | 0.84× | 2.76× | -72.0% |
| FY2018 | -10.6% | 1.02× | 2.21× | -23.8% |
| FY2017 | -6.4% | 1.01× | 2.03× | -13.1% |
| FY2016 | -8.6% | 0.96× | 1.93× | -15.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$129.32M
- Cash generatingOperating cash flow above zero$147.43M
- Return on assets improvedROA up on the prior year-8.7% → -7.8%
- Earnings backed by cashOperating cash flow above net income$147.43M vs -$129.32M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.24 → 1.97
- No dilutionShare count did not rise112M → 114M
- Gross margin improvedGross margin up on the prior year82.97% → 78.83%
- More efficientAsset turnover rose0.50 → 0.37